Naira In Big Trouble...Now 325 To One Dollar

The Nigerian currency, Naira, hit a record low of 325 to the dollar at the parallel market on Thursday as some desperate importers scrambled for dollars to meet their obligations overseas.

The local currency had closed at 318 against the greenback on Wednesday, after hitting 310 and 313.5 on Monday and Tuesday, respectively. The CBN really need to look for a better way to manage this issue.

“The dollar is falling because importers need forex to bring in their goods. They cannot keep on folding their arms because there is scarcity; they must keep buying; the only thing is that the quantity may reduce,” a forex dealer said under condition of anonymity.

“We see Naira falling further in coming days if CBN fails to lift the dollar restriction,” the Ag President, Association of Bureau De Change Operators, Aminu Gwadabe, said.